Faropoint has acquired a 58,883-square-foot industrial building at 6704 Curtis Court in Glen Burnie, Md., for $10 million.
Colliers represented the seller, a private investor, in the deal.
“The seller purchased the property in 2020, extensively renovated the property and signed a long-term lease with [national integrator] Vision Technologies,” Michael Blunt, executive vice president at Colliers, told Commercial Observer. “They decided to sell because their acquisition strategy was promptly executed and wanted to provide the next owner with both long term cash flow and leasing upside potential.”
The $4 million renovations included but were not limited to painting the building exterior and making upgrades to the HVAC, electrical, workspaces, and common areas.
The building is currently 82 percent leased. There was substantial interest in the property and Colliers received multiple offers, Blunt said.
“This is a high-quality headquarters facility with renovated executive offices and amenity space as well as very functional warehouse and data center space,” he said. “There is also a 10,800-square-foot vacancy to lease, creating upside potential in an industrial market with very little space available for lease.”
The building boasts 20-foot clear heights, two loading docks and an expansive truck court and parking area.
The property is located within 1.5 miles of I-695 and I-895, and just five miles from the Baltimore-Washington Parkway.
Joining Blunt on the deal was Colliers’ Clay Ellis, Thomas Gentner, Brian Watts, Brian Siegel and Jason Sullivan. The buyer represented itself in the transaction.
Keith Loria can be reached at Kloria@commercialobserver.com.